Renasant (NASDAQ:RNST) Earns Outperform Rating from Keefe, Bruyette & Woods

Renasant (NASDAQ:RNST)‘s stock had its “outperform” rating reissued by Keefe, Bruyette & Woods in a research note issued on Tuesday,Benzinga reports. They presently have a $45.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 25.87% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on RNST. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial lowered their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Renasant presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.17.

Renasant Stock Performance

NASDAQ:RNST opened at $35.75 on Tuesday. The company’s 50-day moving average is $36.29 and its two-hundred day moving average is $33.91. Renasant has a 1-year low of $27.98 and a 1-year high of $39.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 11.64 and a beta of 1.02.

Renasant (NASDAQ:RNST) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $318.34 million for the quarter, compared to analysts’ expectations of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the prior year, the firm posted $0.75 earnings per share. Analysts forecast that Renasant will post 2.65 EPS for the current year.

Insiders Place Their Bets

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now owns 24,057 shares of the company’s stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Renasant by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 562,008 shares of the financial services provider’s stock valued at $17,164,000 after purchasing an additional 11,828 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Renasant by 8.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,180 shares of the financial services provider’s stock worth $403,000 after acquiring an additional 989 shares during the last quarter. Hantz Financial Services Inc. acquired a new position in Renasant during the 2nd quarter worth approximately $29,000. Quest Partners LLC purchased a new stake in shares of Renasant in the 2nd quarter valued at approximately $767,000. Finally, American Century Companies Inc. raised its holdings in shares of Renasant by 11.4% in the 2nd quarter. American Century Companies Inc. now owns 109,083 shares of the financial services provider’s stock valued at $3,331,000 after purchasing an additional 11,148 shares in the last quarter. 77.31% of the stock is currently owned by hedge funds and other institutional investors.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.